Nigeria Spends $2.14bn On Manufactured Imports in 6Months

Nigeria spent $2.14 billion on foreign exchange for manufactured products in the first six months of 2026, as the country continued to rely on imports to meet domestic demand for manufactured goods, industrial supplies, food, and transportation services.

Data from the Central Bank of Nigeria’s (CBN) Statistical Bulletin for the second quarter of the year showed that foreign exchange utilisation for manufactured products stood at $2.14 billion between January and June 2026.

A breakdown of the data showed that the industrial sector accounted for the largest share among the selected categories, with foreign exchange utilisation reaching $3.72 billion during the six months. Manufactured products followed this at $2.14 billion, while food products accounted for $1.19 billion.

Foreign exchange utilisation for the transport sector stood at $523.75 million between January and June, reflecting another source of demand on the country’s foreign currency resources.

The figures indicate that industrial activities, manufactured products, and food imports collectively accounted for about $7.04 billion in foreign exchange utilisation during the period, representing approximately 70.7 per cent of total import-related utilisation.

A monthly review of manufactured products showed that utilisation was highest in June at $447.94 million, followed by January at $427.96 million.

The figure fell to $348.01 million in February before rising to $379.20 million in March. It subsequently declined to $360.31 million in April and dropped sharply to $173.84 million in May before rebounding to $447.94 million in June.

The June figure represented an increase of 157.6 per cent from the May level, indicating a substantial month-on-month rise in foreign exchange utilisation for manufactured products.

The industrial sector recorded $3.72 billion in foreign exchange utilisation during the first half of the year, with monthly utilisation peaking at $745.16 million in January. It fell to $541.21 million in February, rose to $565.51 million in March and stood at $562.78 million in April. Utilisation increased to $682.16 million in May, then declined to $619.33 million in June.

For food products, foreign exchange utilisation totalled $1.19 billion between January and June. Monthly expenditure stood at $232.05 million in January, fell to $150.87 million in February and increased to $153.73 million in March. It rose further to $217.74 million in April and $220.26 million in May before easing to $212 million in June.

Meanwhile, the transport sector recorded $523.75 million in foreign-exchange utilisation over the six months. Utilisation was highest in March at $137.43 million, compared with $85.67 million in January and $72.10 million in February. It fell to $51.58 million in April, rose to $78.08 million in May and reached $98.89 million in June.

Total foreign exchange utilisation for imports stood at $1.93 billion in January, fell to $1.42 billion in February and rose to $1.52 billion in March. It subsequently increased to $1.54 billion in April, $1.58 billion in May, and $1.98 billion in June.

The June increase coincided with a rebound in foreign exchange utilisation for manufactured products and higher expenditure in the oil sector, which rose to $559.79 million from $380.41 million in May.